NNN Property Sells for over $4MM

Net Lease Press Releases

NNN Property Sells for over $4MM in Washington DC

Although triple net leased acquisitions are hard to find in in the greater Washington DC market, Betty Friant, Vice President at Calkain Companies, recently brokered the sale of a NNN leased day care facility in Gainesville, VA for just over $4 million at a very attractive 8.64% cap.

The tenant signed a new absolute triple net lease on the 10,530+/- square foot state-of-the-art facility located near the entrance of the private LakeManassas Development with its signature Robert Trent Jones Golf Club. Betty Friant exclusively represented the developer/landlord in the transaction. The property was introduced to the market with corporate and personal guarantees and a 15 year lease term with annual escalations beginning in year three.

“Day Care facilities provide a very attractive investment,” said Friant. “With McDonald’s and other credit tenants on the market in the 4% to 5% cap rate range, the 8.5+% cap on a day care gives investors another option. The fundamentals of the underlying real estate are important in the acquisition of a day care as they are with any real estate purchase, so a great location and market rents are crucial,” she added. Calkain currently has other day care facilities on the market for sale in the 7.5% to 8.5% cap rate range.

Calkain Companies is a boutique commercial real estate brokerage firm which specializes in assisting buyers and sellers with single and multi-tenant retail, industrial, hotel and office net leased transactions. While licensed to conduct business in many states, Calkain has multiple office locations throughout the Mid-Atlantic, Southeast, Northeast and Midwest. Additional information about the firm and listings may be found at www.calkain.com.

Credit Union Net Lease Deal In VA

Net Lease Press Releases

Credit Union Confirms Tremendous Desire for Net Lease Investments In VA 

Calkain Companies a national, net lease commercial real estate brokerage firm has procured the sale of a Northwest Federal Credit Union investment property in Manassas, VA. Jeff Bogart of Calkain Realty Advisors represented the seller in the transaction. “We are currently experiencing a market short on NNN inventory and long on buyers. This combination has resulted in all time low cap rates,” Bogart stated. “Northwest Federal Credit Union, the current tenant, purchased the ground lease they had rented for the past four years,” Bogart continued. Northwest Federal was represented by Brian Ball and Jack Regler of KLNB Commercial Real Estate.

Calkain Companies is a boutique commercial real estate brokerage firm which specializes in assisting buyers and sellers with single and multi-tenant retail, industrial, hotel and office net leased transactions. While licensed to conduct business in many states, Calkain has multiple office locations throughout the Mid-Atlantic, Southeast, Northeast and Midwest. Additional information about the firm and listings may be found at www.calkain.com.

Net Lease Dollar General in Va Sold

Net Lease Press Releases

Calkain Companies recently sold a Dollar General (NYSE: DG) net lease investment property located in Petersburg, VA. The transaction closed within the past 30 days and illustrated the compressing cap rates within the net lease segment of the market. The buyer was a privately held, fully integrated real estate investment company. The seller was a regional real estate developer. As a preferred developer for Dollar General, the same seller has engaged Calkain to sell another store in Halifax, VA. These Dollar General properties have been developed as part of Dollar General’s build-to-suit program. The stores have brand new 15-year triple net leases, which provide passive income for the new owner.

Calkain’s Andrew Fallon, Assistant Vice President, facilitated the transaction by providing exclusive representation to the seller. More sales of Dollar General Stores have been transacting since S&P raised the company’s credit rating to investment grade BBB- in April 2012. The Petersburg store was highly sought after given its proximity and access to the I-95 corridor, the surrounding demographics, and the favorable lease structure. Fallon commented, “As Dollar General continues to roll out new stores in new markets, the investor demand continues to increase for superior market locations.” The combination of tenant credit and triple net lease terms provide a passive, bond-like fixed income investment, “The leases with Dollar General’s guaranty provide a strong income stream for the buyer, who will have limited to no management responsibilities.” The buyer financed the purchase using a regional bank.

Calkain Companies is a boutique commercial real estatebrokerage firm which specializes in assisting buyers and sellers with single and multi-tenant retail, industrial, hotel and office net leased transactions. While licensed to conduct business in many states, nationally, Calkain has multiple office locations throughout the Mid-Atlantic, Southeast, Northeast and a new office opening in the Midwest. Additional information about the firm and listings may be found at www.calkain.com.

NNN IHOP in Leesburg, VA Sold!!

Net Lease Press Releases

Calkain Companies recently completed the sale of a NNN IHOP in Leesburg, VA. The restaurant has been operating in this location since 1997 and was purchased by a private investor from the Washington, DC area. This IHOP is located in a popular Wal-Mart shopping center on the Route 15 Bypass just off the Dulles Toll Road approximately 45 minutes from our Nation’s Capital.

Betty Friant, Vice President of Calkain Realty Advisors, identified the asset and ultimately procured the transaction. “Realizing the lack of available opportunities for high quality single tenant assets in Virginia, this asset never hit the market,” explains Friant. She continues, “It was solely due to the efforts of Calkain that the transaction occurred. With only 5 years remaining on the lease, the seller was happy to find a buyer.” The transaction closed in the past thirty days.

Calkain Companies is a boutique commercial real estate brokerage firm, which specializes in assisting buyers and sellers with single and multi-tenant retail, industrial, hotel and office net-leased transactions. While licensed to conduct business in many states, nationally, Calkain has multiple office locations throughout the Mid-Atlantic, Southeast and Northeast United States. Additional information about the firm and listings may be found at www.calkain.com.

Triple Net leases Dollar General Stores Sold

Net lease press releases

                    Dollar General Stores Totaling $2.54MM

  

 Calkain Companies, a national real estate investment brokerage firm, recently completed the sale of two (2) net lease investment properties occupied by Dollar General(NYSE: DG.) Both stores were located in Virginia towns: Madison and Ferrum. The purchaser was a regional real estate development and management company based in the Northeast. The two properties were recently developed as part of Dollar General’s built-to-suit program, and the stores have brand new 15-year triple net leases, which provide passive income for the new owner.

Calkain’s Andrew Fallon, Associate, facilitated the transaction, providing exclusive representation to the Seller, who developed the assets. The dollar store segment remains a bright spot of the retail industry. Fallon comments, “In order to continue capturing market share, the dollar store companies, including Dollar General, are relocating to free-standing stores in existing markets and opening new stores in new markets.” The Madison and Ferrum stores were both new stores in new markets for Dollar General, and Calkain’s marketing efforts were met with high demand. Fallon continues, “These new stores offer real estate investors an opportunity to own hard assets with bond-like characteristics based on the long-term net leases signed by stable corporate tenants.” Those characteristics attracted multiple offers for the assets, and allowed the buyer to utilize favorable financing for the acquisition.

DollarGeneral Corporation is the nation’s largest small-box discount retailer, with more than 9,300 stores and 2010 sales in excess of $13.04 Billion. Dollar General ranks among the largest retailers of top-quality brands made by America's most-trusted manufacturers, such as Procter & Gamble, Kimberly Clark, Unilever, Kellogg's, General Mills and Nabisco.

Calkain is a full service real estate investment brokerage firm with a national scope focusing on single and multi tenant retail, industrial, hotel and office net-leased transactions as well as asset management, tax planning, and advisory services.  Calkain has offices in Reston, VA (Washington, DC), Tampa, FL, Bethesda, MD, Wilmington, DE and Boston, MA.  Additional information about the firm and its listings may be found at www.calkain.com

NNN Investment Sale of Four Tenant Retail Space in Adams Morgan,DC

Net Lease Press Releases

NNN Net Lease Retail Condo Sale Washington, DC 

Reston, VA – Calkain Urban Investment Advisors recently completed the sale of a four-tenant, retail investment property in Washington, DC. The purchaser was a private investor/developer seeking an income-producing asset with a strong upside. The property, WY18, is a charming residential condominium in the heart of Adams Morgan. Adams Morgan, one of the District’s most diverse neighborhoods, has streets ripe with multicultural eateries, eclectic shops and vibrant, charismatic nightlife.

Rick Fernandez, Calkain Urban Investment Advisors’ Managing Director, represented the buyer and seller. “The WY18 retail condos are well situated within a dense, high traffic location in an affluent, diverse residential and retail community. The buyer saw significant opportunity in the location and potential of this asset,” explained Fernandez. The transaction closed in the past thirty days.

Calkain Companies is a boutique commercial real estate brokerage firm which specializes in assisting buyers and sellers with single and multi- tenant retail, industrial, hotel and office net-leased transactions. While licensed to conduct business in many states, nationally, Calkain has multiple office locations throughout the Mid-Atlantic, Southeast and Northeast United States. Additional information about the firm and listings may be found at 

www.calkain.com

McDonald's Ground Lease in Maple Lawn, MD Sold

Net Lease Press Releases

 Investment Sale of McDonald's Ground Lease in Maple Lawn, MD

Calkain Companies, a national real estate investment brokerage firm, recently completed the sale of an investment property ground leased to McDonald’s on a long-term, NNN basis. The purchaser was a private investor seeking a passive, incoming-producing asset leased to a strong national credit tenant. The property is located within the Harris Teeter anchored retail square of the award winning Maple Lawn development, a beautiful mixed-use community in Fulton, Maryland.

Calkain’sRick Fernandez brokered the transaction for the seller. “Favorable lease terms from an investment grade tenant at the vanguard of its retail sector and NNN investments anchored to a growing retail market provided an irresistible combination of factors that drew investors from all over the globe,” Fernandez said. “The seller was able to evaluate multiple offers and chose the strongest buyer able to close at this record setting cap rate,” Fernandez continued. The buyer closed the all-cash transaction earlier this year.

Calkain is a full service real estate brokerage firm with a national scope focusing on single and multi- tenant retail, industrial, hotel and office net-leased transactions. Calkain has offices in Reston, VA (Washington, DC), Tampa, FL, Ft. Lauderdale, FL, Wilmington, DE and Boston, MA. Additional information about the firm and its listings may be found at www.calkain.com.

3 Net Lease Transactions with Private Buyers

Net Lease Press Releases

Andrew Fallon of Calkain Companies, a national real estate investment brokerage firm, successfully completed three separate net lease transactions in which private clients acquired passive real estate investment properties. Two of the properties were located in Virginia and one in Tampa, FL. The properties acquired were leased on a long-term, triple net basis to the national tenants 7-Eleven Inc. and Childtime Learning Centers. Calkain's Andrew Fallon, Assistant Vice President, facilitated each transaction providing client representation and advisory services to the buyers, who each had different investment objectives and motivation.

7-Eleven, Norfolk, VA A Northern Virginia real estate investor, who was seeking passive income from a credit tenant, purchased a NNN ground lease in Virginia Beach, VA. The 0.81 acre property is leased to 7-Eleven, Inc. for a term of 20 years with structured rent increases. The tenant made significant improvements to the property in 2007, including a 3,000 square foot convenient store and a 1,600 square foot pump island canopy with four MPDs. As a NNN ground lease, this investment requires that 7-Eleven pay for real estate taxes, insurance, and maintenance expenses.

Childtime Learning Center, Midlothian, VA Calkain provided advisory and transaction support services to a private Northern Virginia investor who was interested in acquiring a net lease child care facility. The investor purchased a well-positioned, single-story daycare center located near the Chesterfield Towne Center in Midlothian, VA. The 6,380 square foot property is leased to and operated by Childtime Learning Center, who provides a corporate guaranty for the lease obligations. The existing and established tenancy, coupled with the location and low rent attracted the investor interest.

Confidential Property, Tampa, FL As part of a 1031 exchange purchase, Calkain's private investor client acquired a retail building leased and occupied solely by an national, investment-grade tenant. The developer-seller fully renovated the property in 2011 to accommodate the tenant, who will operate under a 10-year NNN lease which will provide passive income to the investor. Calkain's Managing Director, Patrick Nutt represented the developer-seller in the transaction.

Calkain is a full service real estate investment brokerage firm with a national scope focusing on single and multi-tenant retail, industrial, hotel and office net leased transactions as well as asset management, tax planning, and advisory services. Calkain has offices in Reston, VA.


www.calkain.com

Net Leased Dollar General Sold

Net Lease Press Releases


$1.34MM Sale of Richmond, VA Dollar General Store


Calkain Companies’, a national real estate investment brokerage firm, recently sold a Dollar General (NYSE: DG) net lease investment property located in Richmond, VA. The transaction closed within the past 30 days, and illustrated the compressing cap rates within the net lease segment of the market. The seller was a regional real estate development and management company based in the Southeast. As a preferred developer for Dollar General, the same seller used Calkain to procure similar sales in Madison, VA and Ferrum, VA within the past 60 days. These Dollar General properties were recently developed as part of Dollar General’s built-to-suit program, and the stores have brand new 15-year triple net leases, which provide passive income for the new owner.

Not actual site.

Calkain’s Andrew Fallon, Associate, facilitated the transaction, providing exclusive representation to the Seller, who developed the site for Dollar General. The Richmond store was highly sought-after given its in-fill location, surrounding demographics, and the favorable lease structure. Fallon comments, “As Dollar General continues to roll out new stores in new markets, it’s rare to find a brand new in-fill location with such strong demographics in major markets.” The buyer was a Virginia-based investor seeking stable income as a passive real estate owner. Continued Fallon, “The 15-year triple net lease with Dollar General’s guaranty provided a strong income stream for the buyer, who will have limited to no management responsibilities”. The buyer financed the purchase using a regional bank.

In July 2011, S&P raised Dollar General’s credit rating to BB+, the top rung before entering investment-grade territory and Moody’s raised its rating on the company to Ba2, which is two steps below investment grade on its scale. Dollar General Corporation is the nation’s largest small-box discount retailer, with more than 9,300 stores and 2010 sales in excess of $13.04 Billion.

Calkain is a full service real estate investment brokerage firm with a national scope focusing on single and multi tenant retail, industrial, hotel and office net-leased transactions as well as asset management, tax planning, and advisory services. Calkain has offices in Reston, VA (Washington, DC), Tampa, FL, Bethesda, MD, Wilmington, DE and Boston, MA. Additional information about the firm and its listings may be found at www.calkain.com.

NNN Net Leased Chili's Properties Sold

Net Lease Press Releases

Calkain Companies, a national real estate investment brokerage firm, recently completed the sale of an investment property ground leased to Chili’s on a long-term, NNN basis. The purchaser was a private investor seeking a passive, incoming-producing asset. The property is located at The Peterson Companies’ Virginia Gateway Center in Gainesville, VA.

Rick Fernandez, Managing Director of Calkain Urban Investment Advisors, the urban market division of Calkain Companies, represented the buyer in the transaction. “Chili’s solid sales history at this location and the strong real estate fundamentals at the site met the buyer’s acquisition criteria,” explained Fernandez.

The transaction closed within the last thirty days and is recorded in the public record. Calkain is a full service real estate investment brokerage firm with a national scope focusing on single and multi tenant retail, industrial, hotel and office net-leased transactions as well as asset management, tax planning, and advisory services.

A triple net lease (Net-Net-Net or NNN) is a lease agreement on a property where the tenant or lessee agrees to pay all real estate taxes, building insurance.

Calkain has offices in Reston, VA (Washington, DC), Tampa, FL, Bethesda, MD, Wilmington, DE and Boston, MA. Additional information about the firm and its listings may be found at www.calkain.com.

Triple Net leased Rite Aid Pharmacy Sold

Net Leae Press Releases

Triple Net Lease Brokers $2.3MM Purchase of Net Lease Rite Aid 

Calkain Companies, a national real estate investment brokerage firm, successfully completed a net lease transaction in which a private client acquired a property leased to and operated as a Rite Aid (NYSE: RAD) pharmacy. The $2.3MM property was located in Gastonia, NC and the purchaser was a private, mid-Atlantic real estate investor. The 10,900 sf pharmacy building is leased to Rite Aid under a long-term, triple net lease, which provides passive income for the investor.

NOT SITE PHOTO

Calkain’s Andrew Fallon, Associate, facilitated the transaction, providing exclusive representation to the Buyer. Pharmacies have long been a desired segment of the net lease market, but Rite Aid properties have been scrutinized given the company’s operating performance. Fallon worked closely with the buyer and indicated that, “the investor did extensive due diligence on this Rite Aid location, ensuring that the store was busy, had excellent sales, and was on a strong corner.” The property is located at a signalized corner across the street from a Walgreens, one of Rite Aid’s main competitors. Fallon continues, “Within the net lease market, Rite Aid’s are offering an inflated return to investors based on the perceived credit risk associated with the tenant.” Even with the perceived risk, the purchaser was able to secure competitive financing for the acquisition.

Rite Aid operates approximately 4,700 pharmacies in 31 states and the District of Columbia. Rite Aid is the largest drug¬store chain on the East Coast and the third largest drugstore chain in the county.

Calkain is a full service real estate investment brokerage firm with a national scope focusing on single and multi tenant retail, industrial, hotel and office net-leased transactions as well as asset management, tax planning, and advisory services. Calkain has offices in Reston, VA (Washington, DC), Tampa, FL, Bethesda, MD, Wilmington, DE and Boston, MA. Additional information about the firm and its listings may be found at www.calkain.com.

NNN La-Z-Boy Furniture Galleries of Washington DC Sold

Net Lease Press Releases


Calkain Companies', a national real estate investment brokerage firm, recently completed the sale of a 16,510 SF showroom leased to La-Z-Boy Furniture Galleries of Washington DC, Inc on a long-term, NNN basis. The purchaser was a local investment group seeking a passive, incoming-producing asset. Being local, the purchaser was attracted to the stable Newport News market and the performance of the store. The 1.52 acre property is located at 11967 Jefferson Avenue, Newport News, Virginia.

La-Z-Boy FurnitureNewport News, Virginia

Calkain's Bob Browning and Andrew Fallon brokered the transaction, providing exclusive representation to the seller of the showroom facility.  La-Z-Boy, the long-term tenant of this property, recently renewed their lease and made significant improvements to the building and showroom area.  Browning & Fallon commented, "The capital investment and lease term commitment that La-Z-Boy made indicated the strength of this location and market." The transaction closed within the past thirty days and is recorded in public record.
Calkain is a full service real estate investment brokerage firm with a national scope focusing on single and multi tenant retail, industrial, hotel and office net-leased transactions as well as asset management, tax planning, and advisory services.  Calkain has offices in Reston, VA (Washington, DC), Tampa, FL, Bethesda, MD, Wilmington, DE and Boston, MA.  Additional information about the firm and its listings may be found at www.calkain.com

NNN Brokers Closes South Florida Asset at Over $900 Per Square Foot

Net Lease Press Releases

Triple Net (NNN) Assets Still Driving Investor Demand

Calkain Companies, a national real estate investment brokerage firm, recently completed the sale of a 5,170 SF investment property leased to Blue Cross/Blue Shield of Florida on a long-term, triple net (NNN) basis. The purchaser was a private investor from New York seeking a passive, incoming-producing asset leased to a credit tenant. The property is an outparcel to the Sawgrass Mills Mall.  The sale price of $4,800,000 equates to $928.43 per square foot which exemplifies the strong desire for triple net leased assets in today’s investment market. 

Sunrise, FL

David Sobelman, Calkain’s Executive Vice President, personally represented the seller of the build-to-suit asset in Broward County, FL.  Sobelman stated, “Calkain has consistently proven that its systematic approach in helping clients procure NNN transactions ultimately sets the market for value.  This asset, even with its high price per square foot, generated multiple offers from purchasers around the US and from three other countries.  Selling at 99.43% of the asking price, Calkain’s efficient approach was confirmed with this transaction.”

The transaction closed within the last thirty days and is recorded in the public record.

Calkain is a full service real estate investment brokerage firm with a national scope focusing on single and multi tenant retail, industrial, hotel and office net-leased transactions as well as asset management, tax planning, and advisory services.  Calkain has offices in Reston, VA (Washington, DC), Tampa, FL, Bethesda, MD, Wilmington, DE and Boston, MA.  Additional information about the firm and its listings may be found at www.calkain.com

Calkain Brokers NNN Investment Sale of Starbucks Ground Lease at VA

Net Lease Press Releases 

Calkain Companies a national real estate investment brokerage firm, recently completed the sale of a 33,800 SF investment property ground leased to Starbucks on a long-term, NNN basis. The purchaser was a private investor seeking a passive, incoming-producing asset leased to a national tenant. The property is located at Edens & Avant’s Riverton Commons Super Wal-Mart and Lowes anchored center in Front Royal, Virginia.  Other Ground lease parcels are also available for sale.

Starbucks | Front Royal, VA

Calkain’s Rick Fernandez and Rich Murphy brokered the transaction on both the sell and buy side respectively. Calkain worked with the buyer to develop criteria for acquiring a portfolio of properties that would fit the client’s investment strategy. “Knowing the buyer’s criteria, it was a matter of finding an attractive property at the right price point,” says Murphy. “This property just happened to be a Calkain listing,” adds Murphy.  “This Starbucks deal represents the type of stable asset that investors are focused on purchasing in the current environment.” Fernandez said.  

The transaction closed within the last thirty days and is recorded in the public record.

Calkain is a full service real estate brokerage firm with a national scope focusing on single and multi tenant retail, industrial, hotel and office net-leased transactions.  Calkain has offices in Reston, VA (Washington, DC), Florida, Maryland and Delaware.  Additional information about the firm and its listings may be found at www.calkain.com

Net Lease Retail Transaction closed

Net Lease Press Releases

Calkain Companies Closes Area’s Largest Net Lease Retail Transaction
Transaction Confirms Tremendous Desire for DC Metro Investments


Reston, VA, – Calkain Companies, a national real estate investment brokerage firm, represented both seller and buyer on a cobranded Walgreens (NYSE:WAG) and PNC Bank (NYSE:PNC) ground lease in Fairfax, VA. The transaction sold for $13,800,000 which equated to the largest net leased retail transaction in the Washington, DC area in the last several years.  The sale price represented a 5.90% capitalization rate which is indicative of the reach that Calkain Companies has to match investors with sound real estate investments. 

Jeff Bogart

Jeff Bogart, Tax Strategy Specialist of Calkain Companies, represented both the buyer and seller.  “Ground leases are not as prevalent as fee simple properties and as such, demand is high for Walgreens (Standard and Poors: A+) and PNC Bank (Standard and Poors: A+) quality of credit coupled with the added security of ground lease ownership. Both leases had rental increases every 5 years, which, in comparison to typical Walgreens’ leases, made this property more unique in today’s market. The intrinsic value of the real estate also helped drive the cap rate to 2007 levels as it is located in Fairfax County, Virginia - which has a top 10 national ranking for median household income, at well over $110,000. The buyer, an undisclosed, due to confidentiality agreements, local investor considered himself fortunate to secure such a quality asset.”
Calkain is a full service real estate brokerage firm with a national scope focusing on single and multi tenant retail, industrial, hotel and office net-leased transactions.  Calkain has offices in Reston, VA (Washington, DC), Florida, Maryland and Delaware.  Additional information about the firm and its listings may be found at http://www.calkain.com/.